Kornit Digital (NASDAQ:KRNT) Reaches New 12-Month High – What’s Next?

Kornit Digital Ltd. (NASDAQ:KRNT) hit a new 52-week high during trading on Monday . The company traded as high as $33.31 and last traded at $32.99, with a volume of 37089 shares trading hands. The stock had previously closed at $31.80.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on KRNT shares. Cantor Fitzgerald began coverage on shares of Kornit Digital in a report on Tuesday, November 26th. They set an “overweight” rating and a $39.00 target price for the company. Morgan Stanley raised their price objective on shares of Kornit Digital from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Barclays lifted their price objective on Kornit Digital from $21.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Needham & Company LLC increased their target price on Kornit Digital from $27.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum boosted their price target on Kornit Digital from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Kornit Digital currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Kornit Digital Price Performance

The stock has a market cap of $1.50 billion, a price-to-earnings ratio of -35.90 and a beta of 2.01. The stock’s 50-day moving average is $27.86 and its 200-day moving average is $21.10.

Kornit Digital (NASDAQ:KRNT) last posted its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.04. The business had revenue of $50.73 million for the quarter, compared to analysts’ expectations of $50.44 million. Kornit Digital had a negative return on equity of 2.17% and a negative net margin of 21.00%. The business’s revenue was down 14.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) earnings per share. Analysts predict that Kornit Digital Ltd. will post -0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Kornit Digital

Institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC acquired a new position in Kornit Digital in the second quarter valued at $40,000. Signaturefd LLC lifted its stake in shares of Kornit Digital by 29.4% in the 2nd quarter. Signaturefd LLC now owns 3,428 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 779 shares in the last quarter. Privium Fund Management B.V. acquired a new stake in shares of Kornit Digital in the second quarter worth $159,000. Bank of New York Mellon Corp raised its position in Kornit Digital by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 16,029 shares of the industrial products company’s stock valued at $235,000 after purchasing an additional 1,184 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its stake in shares of Kornit Digital by 26.2% during the second quarter. B. Riley Wealth Advisors Inc. now owns 17,486 shares of the industrial products company’s stock worth $256,000 after purchasing an additional 3,633 shares in the last quarter. 92.76% of the stock is currently owned by hedge funds and other institutional investors.

About Kornit Digital

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. Its solutions include digital printing systems, ink and other consumables, associated software, and value-added services.